Internet service provider

EarthLink

(ELNK)

was up 6.7% in preopen

Island

trading after announcing that it and

Sprint

(FON)

have revised the terms of their alliance and terminated Sprint's rights to acquire EarthLink, an action that had been set to begin in September 2001.

Sprint will continue to own shares of EarthLink, but it will no longer hold seats on its board. Sprint will still have the right of first refusal on third-party offers for EarthLink.

EarthLink said the change gives it the flexibility to pursue partnerships with other companies.